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Dexia Group Sells Its Shares in Dexia Israel

Author: Who Profits, Published on: 18 March 2018

On 18 March 2018, Dexia announced the sale of its 58.9% stake in Dexia Israel Bank. According to Dexia, the sale completes the mandatory divestment process of the Group’s commercial franchises, as part of the recovery plan undertaken by the Group following a financial crisis in 2011... In 2001, Dexia bought the Israeli Municipality Treasure Bank and established  Dexia Israel... Since 2005, Dexia has been giving long-term loans and other financial services to more than ten different Israeli municipalities in the occupied West Bank, including: Ariel, Elkana, Alfei Menashe, Har Hebron (South Hebron Hills), Kdumim and Giv'at Zeev. Following public campaigns led by the Belgian Intal group... the bank announced... in June 2009 that financing Israeli settlements is contrary to the bank’s code of ethics, and that since September of 2008 it has not provided new loans to settlements in the occupied West Bank. However, contrary to this announcement, it has continued providing loans to local and regional councils of settlements after September 2008...

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Related companies: Dexia